GDX vs. EPU

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 15.16%/yr for EPU. A 0.53 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.59%/yr for EPU.

Performance

GDX vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and iShares MSCI Peru ETF (EPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than EPU's 21.02% return. Over the past 10 years, GDX has underperformed EPU with an annualized return of 13.29%, while EPU has yielded a comparatively higher 15.16% annualized return.

GDX

• 1D: 2.97%
• 1M: -14.82%
• YTD: -6.69%
• 6M: -5.89%
• 1Y: 48.02%
• 3Y*: 38.96%
• 5Y*: 17.51%
• 10Y*: 13.29%

EPU

• 1D: 2.12%
• 1M: 4.37%
• YTD: 21.02%
• 6M: 26.87%
• 1Y: 85.51%
• 3Y*: 46.38%
• 5Y*: 28.15%
• 10Y*: 15.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
EPU iShares MSCI Peru ETF	21.02%	86.87%	21.73%	25.34%	2.05%	-11.81%	-4.31%	7.30%	-12.17%	29.70%

Correlation

The correlation between GDX and EPU is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009	0.53

The correlation between GDX and EPU shifts across timeframes, from 0.53 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

GDX vs. EPU - Sectors Allocation Comparison

Sectors	GDX	EPU
Basic Materials	100.0%	52.7%
Communication Services	-	1.6%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	3.0%
Energy	-	-
Financial Services	-	28.8%
Healthcare	-	1.2%
Industrials	-	2.8%
Real Estate	-	3.2%
Technology	-	-
Utilities	-	2.8%

Return for Risk

GDX vs. EPU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

EPU

EPU Risk / Return Rank: 82
EPU Sharpe Ratio Rank: 91
EPU Sortino Ratio Rank: 81
EPU Omega Ratio Rank: 83
EPU Calmar Ratio Rank: 85
EPU Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDX vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares MSCI Peru ETF (EPU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GDX	EPU	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.73	-1.65
Sortino ratio: Return per unit of downside risk	1.51	3.14	-1.63
Omega ratio: Gain probability vs. loss probability	1.21	1.43	-0.22
Calmar ratio: Return relative to maximum drawdown	1.40	4.07	-2.67
Martin ratio: Return relative to average drawdown	3.87	11.73	-7.86

GDX vs. EPU - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the EPU Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of GDX and EPU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDX vs. EPU - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for GDX and EPU.

Drawdown Indicators

	GDX	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-60.62%	-19.72%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-20.85%	-15.43%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-20.85%	-15.43%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-35.59%	-10.92%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-50.97%	+1.18%
Current Drawdown Current decline from peak	-30.91%	-6.69%	-24.22%
Average Drawdown Average peak-to-trough decline	-40.41%	-18.81%	-21.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	7.22%	+5.89%

Volatility

GDX vs. EPU - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to iShares MSCI Peru ETF (EPU) at 13.52%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	13.52%	+3.68%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	26.94%	+12.21%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	31.04%	+15.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	25.11%	+11.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	23.64%	+13.70%

GDX vs. EPU - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

GDX vs. EPU - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than EPU's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	1.35%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
GDX VanEck Gold Miners ETF	0.79%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

Frequently Asked Questions

Can I hold both GDX and EPU in my portfolio?

GDX and EPU have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or EPU?

GDX has higher volatility (17.20%) compared to EPU (13.52%). In terms of maximum drawdown, GDX dropped -80.34% vs EPU's -60.62%.

Which ETF is better, GDX or EPU?

On 10-year performance, EPU leads with 15.16% vs 13.29% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, EPU has been the lower-risk option at 13.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or EPU?

Over the 10-year period, EPU has performed better with a 15.16% return vs 13.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or EPU?

GDX is cheaper with a 0.51% expense ratio, compared with 0.59% for EPU.

Which ETF pays a higher dividend yield, GDX or EPU?

EPU has the higher dividend yield at 1.35%, compared with 0.79% for GDX.

What is the main difference between GDX and EPU?

GDX is categorized as Gold, while EPU is Mid Cap Blend Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.73 vs 1.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.